How should taxes collected in advance in fiscal year 20X3 be reported in the fiscal year 20X3 General Fund financial statements?

Question

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Taxes collected in advance should be reported as deferred inflows on the balance sheet in the fiscal year 20X3 General Fund financial statements. Deferred inflows are resources that have been received but will be earned or expended in a future fiscal year, and are reported separately from liabilities. Reporting them as revenue would overstate the amount of money available for spending in the current fiscal year. Reporting them as an other financing source would not be accurate, as they do not represent a transfer of resources from another fund or entity.

How Should Taxes Collected in Advance in Fiscal Year 20X3